Industrial Metrology Market worth $13.2 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 11, 2021 /PRNewswire/ -- According to the new market research report "Industrial Metrology Market with COVID-19 Impact Analysis by Offering, Equipment, Application (Quality & Inspection, Reverse Engineering, Mapping & Modelling), End-User Industry, Geography - Global Forecast to 2026", published by MarketsandMarkets™, the Industrial Metrology Market is expected to grow from USD 9.8 billion in 2021 to USD 13.2 billion by 2026; it is expected to grow at a CAGR of 6.2% during the forecast period The industrial metrology market has been witnessing significant growth over the past years, mainly owing to the rising demand for big data analytics, and increasing demand for automobiles in emerging economies. However, the COVID-19 outbreak is likely to result in a decline in the growth rate of the Industrial metrology market, especially in 2020 and 2021. This is because organizations in most of the major demand-generating verticals are currently, or were, non-operational in various countries, thereby negatively impacting the industrial metrology market. The COVID-19 pandemic has also operations on a massive scale, and manufacturers are facing the challenge of assessing the impact. Past and current lockdowns resulting in the shutdown of manufacturing facilities have put a lot of strain on the industrial sector.
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Hardware segment to hold the largest share of the industrial metrology market, by offering, in 2020
Hardware segment will lead the industrial metrology market, by offering, in terms of size, in 2020. Companies offering hardware in the industrial metrology market are continuously working on updating their product portfolio. For instance, in recent years, FARO Technologies (US) have done various developments in its industrial metrology products, including portable measuring arms. These are the second most used hardware in the industrial metrology market. There are different variants of portable measuring arm provided by the companies, such as FARO Arm and FARO Scan Arm by FARO and absolute arm series by Hexagon (Sweden). These are majorly used for inspection purposes. They can deliver high accuracy measurements and are very easy to operate. With the new designs that companies offer, the movement of devices has become easier. Scanners like RS5Laser scanner can bring ultra-high productivity 3D white light scanning to the absolute arm.
The market for coordinate measuring machines (CMM) equipment to grow at the highest CAGR during the forecast period
On the basis of equipment, the industrial metrology market has been broadly classified into coordinate measuring machines (CMM), optical digitizers and scanners (ODS), measuring instruments, X-ray and computed tomography (CT), automated optical inspection (AOI), form measurement equipment, and 2D equipment. Among these, the market for the coordinate measuring machines (CMM) equipment is expected to record the highest CAGR between 2020 and 2025. The rising need for precision dimensional analysis and validation of geometric accuracy in the manufacturing, automotive, and aerospace & defense industries is the factor responsible for the largest share of the CMM segment.
Quality control and inspection application to hold the largest share of the industrial metrology market, by application, in 2020
The quality control and inspection application segment dominated the industrial metrology market and is expected to hold the leading position throughout the forecast period. The increasing competition and need for improving safety have resulted in the high adoption of quality control and inspection systems in various industries, including automotive, aerospace & defense, and semiconductor. In these industries, maintaining and enhancing the quality of a product is of high importance. As industrial metrology equipment are the best available options in the market for quality control and inspection application, their adoption has increased at a significant rate.
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157 – Tables
64 – Figures
233 – Pages
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Automotive end-user industry to grow at the highest CAGR during the forecast period
On the basis of end-user industry, the industrial metrology market has been broadly classified into aerospace & defense, automotive, manufacturing, semiconductor, and others. Among these, the market for automotive industry is expected to record the highest CAGR between 2020 and 2025. The shift in preference from off-line quality inspection to near-line or in-line measurement techniques, enabling higher sampling rates and shorter inspection times in the automotive industry, is expected to drive the growth of the industrial metrology market for the automotive industry. Moreover, the growing demand for electric vehicles is also expected to fuel the growth of the industrial metrology market in the near future.
North America to hold the largest share of industrial metrology market by 2020
North America is expected to hold the largest share of the industrial metrology market by 2020. The US leads the market in North America owing to its well-established economy that encourages government and private investments in new technologies. APAC is expected to account for the second-largest share of the industrial metrology market during the forecast period. China and Japan are significant demand-generating countries for industrial metrology solutions in this region.
A few key players operating in the industrial metrology market are Hexagon (Sweden), Carl Zeiss (Germany), Nikon (Japan), KEYENCE (Japan), FARO Technologies (US), Jenoptik (Germany), Creaform (Canada), KLA Corporation (US), Renishaw (UK), and Mitutoyo Corporation (Japan).
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